Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Business
Dubai records weeklong real estate transactions worth $2 billion
Dubai, UAE--Dubai's real estate market recorded a total of 2.593 transactions worth AED7.4 billion ($2 billion) during the week ending...
- The statistics showed that 320 plots were sold for AED1.75 billion, and 1,720 apartments and villas were sold for AED3.55 billion.
- The top three transactions were land in Saih Shuaib 3 that was sold for AED168 million, land for AED115 million in Island 2, and land sold for AED78 million Saih Shuaib 4.
Business
UAE Innovates Month: 19 Dubai Customs innovations win awards
Dubai, UAE--The number of innovations at Dubai Customs have been significantly increasing, as shown by the department's Innovation League, which...
- Nineteen of the innovations won team awards, three at the department level and one champion of the Innovation League.
- Innovation League is Innovation Centre's leading initiative to stimulate and encourage competition between departments and employees to develop more innovations.
Geostrategy
UAE, India FMs stress close ties at Joint Committee meeting
The UAE top diplomat said that the ongoing dialogue between the two countries has led to the launch of the...
- The UAE top diplomat said that the ongoing dialogue between the two countries has led to the launch of the CSP in 2017, and the signing of the CEPA in 2022.
- Sheikh Abdullah noted that the UAE is the second largest destination and source for Indian exports and imports
Economy
Saudi Arabia eases visa rules for GCC, US, UK, EU residents
The regulations came into effect after the minister of tourism Ahmed Al-Khateeb signed on a ministerial decree, making it easier...
- The regulations came into effect after the minister of tourism Ahmed Al-Khateeb signed on a ministerial decree, making it easier to visit the oil-rich kingdom
- The ministerial decree removes the requirement of many would-be visitors to attend their country's embassy before entering Saudi Arabia
Business
Work begins on world’s first model of green steam cracking unit
Riyadh, Saudi Arabia--SABIC, BASF and Linde have begun work on the construction of the world's first model of an electrically...
- The new technology relies on the use of electricity from renewable sources instead of natural gas, which can reduce carbon emissions of the process by 90 percent.
- The fully electric heating unit will be integrated into one of the existing steam crackers at BASF's Verbund site in Ludwigshafen, Germany.
Business
ADNOC’s first shipment of low-carbon ammonia leaves for Germany
Abu Dhabi, UAE: Abu Dhabi National Oil Company (ADNOC) announced on Thursday that its first shipment of low-carbon ammonia has...
- The demonstration cargo will be delivered to Aurubis, a leading global provider of non-ferrous metals and one of the largest copper recyclers worldwide.
- Aurubis plans to utilise the low-carbon ammonia as a feedstock in its wire rod plant, testing its application as an additional, lower-carbon energy source for industrial use.
Business
Markets volatile, world economy likely to grow 3.2% in 2022
As the world economy struggles to recover from the after-effects of the pandemic, financial markets are more volatile than ever.
- Global investors need to factor in how demand and supply chains will impact trade around the world
- The ongoing stop-and-start recovery from COVID has also disrupted global supply chains, leading to more instability in economies all around the globe
Geostrategy
UAE calls for global solidarity at environment ministers meet
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the Joint Environment and Climate Ministers’...
- The UAE Minister spoke of forging regional and global partnerships to tackle environmental and climate challenges proactively
- She said that the outcomes of the meeting will be further pushed at the G20 Summit in October in Indonesia
Business
UBS partners with Qatar for green project in Gulf country
Qatar Financial Center Authority and UBS Asset Management will collaborate to set up a green sustainable private markets initiative in...
- The collaboration intends to develop a joint vision for the initiative with the objective of establishing Qatar as a center for environmentally sustainable investments
- To give a boost to the partnership Qatar will make an initial seed investment of up to $500 million
Business
Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of...
- The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030
- The Central Bank pointed out that the updated framework of the Regulatory Sandbox is open for both local and international applicants
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Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
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DEWA wins top award by UK based institute
Arts & Culture
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
Economy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
Economy
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Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Economy
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
- The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
- The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.
Arts & Culture
Louvre Abu Dhabi displays new collection of artworks from across the world
ABU DHABI, UAE – The Louvre Abu Dhabi has displayed new acquisitions including three artworks by Pablo Picasso alongside loans...
- The artworks complement the museum’s narrative and enrich its collection and serve as windows into different eras, civilisations and artistic movements.
- Each item tells a unique story, shedding light on the richness of human creativity and the timelessness of artistic expression.